Pandora Media, the Internet-music company that’s lost $92.1 million since it started in 2000, seeks to raise as much as $123.2 million in a US initial public offering.

The Oakland, Calif.-based company will offer 13.7 million shares for $7 to $9 each, according to a filing with the Securities and Exchange Commission.

The $8 midpoint of the offering range would value Pandora at $1.27 billion, or about 9.2 times sales. Morgan Stanley, JPMorgan Chase and Citigroup are leading the offering. The shares will list on the New York Stock Exchange under the symbol “P.”

Pandora, which made about 87 percent of its revenue last year from advertising, has booked net losses every year since at least 2007 even as revenue increased 33-fold.